Orion Enters Vietnam Nut Market... Launches 'Ssokpo'

Vietnam Nut Market Worth 1.5 Trillion KRW
Sales Expansion Focused on Convenience Store Channels

People are selecting nut products at a convenience store in Vietnam.

[Asia Economy Reporter Lim Hye-sun] Orion is making a full-scale entry into the Vietnamese nut market.

Orion announced on the 7th that it has launched a new nut brand, ‘S?c Ph?’ in Vietnam. ‘S?c Ph?’ combines the Vietnamese words ‘S?c,’ meaning squirrel, and ‘Ph?,’ meaning city, to signify ‘urban squirrel.’ Cashew nuts, which are primarily produced in Vietnam, and almonds, whose consumption is rapidly increasing locally, were selected as the nut ingredients. The cashews and almonds are roasted to enhance their savory flavor, then coated with syrup and seasoned using a differentiated flavor coating technology to create a crispy texture. The product lineup includes ‘Cheese flavor,’ ‘Kim flavor,’ ‘Honey butter flavor,’ and ‘Satay sauce flavor.’

The reason Orion focused on the Vietnamese nut market is that the prolonged COVID-19 pandemic has increased the time people spend at home and their interest in health, leading to a rise in nut sales in Vietnam. As of last year, the local retail market for nuts in Vietnam reached 1.5 trillion KRW annually. It recorded the highest growth rate of 6.1% in the past seven years. In particular, the active sharing of healthy diets using nuts on social networking services (SNS) among young people and the increasing number of consumers choosing nuts as snacks are also key reasons for the product launch.

Traditionally, in Vietnam, during the largest holiday ‘Tet’ (Lunar New Year), families and acquaintances gather to enjoy tea and alcohol accompanied by simple snacks such as nuts. Orion plans to expand sales mainly through convenience store channels, which are rapidly growing locally ahead of Tet.

An Orion official said, “Following the expansion of categories with rice crackers and packaged bread in 2019 to establish new growth engines in Vietnam, we have now entered the nut market. Based on Orion’s differentiated product development capabilities and brand power, we will continue to expand categories and leap forward as Vietnam’s number one comprehensive food company.”